TRON Price Analysis - TRX Showing Strength on the Short Term

⠀TRON price:

$0.0155

⠀Key TRX resistance levels:

$0.0172, $0.0183, $0.02

⠀Key TRX support levels:

$0.0141, $0.012, $0.010

*Price at the time of writing

TRON price long-term trend: Bearish

The price of TRON has continued to trade within a descending channel formation for months due to a big price correction which has been affecting the market in the second half of the year. The TRX market is currently mounted on the $0.012 support after witnessing a huge price reduction in late September.

The past six days of price action have led the market into a consolidation phase paired with combined with decreasing volume - this is one of the reasons why the volatility has been so low lately. A lack of interest among traders has also resulted in the current price squeeze.

While roaming around $0.0155, there’s a high probability for the price to explode to $0.0172, $0.0183 and $0.02 resistance if the $0.012 support can hold up. If TRX keeps showing weakness, the price may slip back to $0.0141, $0.012 and potentially also the $0.010 support level.

Considering the recent swing on the MACD indicator, the market is slowly coming out of the bear zone. We can expect more positive movement if we can see the RSI indicator climbing above its 50 level. Amidst a long-term bear market, the technical indicators show that the TRX market is indecisive at the moment.

TRON price medium-term trend: Bearish

TRON is also looking bearish from a medium-term perspective, but the market is now approaching the upper boundary of the descending channel pattern, which has been forming since October 10. A possible rejection at the $0.016 resistance could send the market back to the channel’s support at $0.015 and $0.0143.

Breaching the upper boundary could initiate a strong buy setup, propelling price to immediate resistance at $0.017 and $0.018. We can see that the MACD indicator is currently testing the zero level. Crossing to the positive zone should confirm strong signals for a long position.

Meanwhile, the RSI indicator is currently playing bullish after rebounding from the oversold zone on October 16. Considering the recent cross above the mid-band, we can say the bulls are in control at the moment but the TRX outlook still remains bearish on the 4-hour chart.

TRON price short-term trend: Bullish

The TRX market is presenting a bullish trend on the hourly time frame as the price action moves within a channel boundary. Meanwhile, the October 17 reversal at $0.014 has kept the TRX market on a short-term bullish move but the coin may face $0.016 resistance shortly. Surpassing the mentioned resistance might lead the market straight to the $0.0164 resistance.

A look at the MACD reveals that the market is moving horizontally, indicating indecision. The RSI indicator is conversely swinging sideways, but has managed to climb above the 50 level. However, if the market drives beneath the channel formation, TRX will plummet straight to the $0.015 and $0.0145 support levels.

Conclusion

So far, we can say TRX remains under a bearish bias, although the recent squeeze has brought some uncertainty to this prognosis. TRON is currently showing strength from a short-term outlook. However, the coin will need to show some more volatility to confidently surpass the $0.016 price level.